Please find attached recommendation of Independent Directors Committee pursuant to Regulations 26(6) and 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Independent Directors Committee (IDC) of Shriram Asset Management Company has reviewed and recommended the open offer made by Sanlam Emerging Markets (Mauritius) Limited (Acquirer) along with Shriram Credit Company Limited (existing Promoter), acting as persons acting in concert (PAC). The open offer is for up to 43,95,499 equity shares (26% of voting share capital) at Rs. 270 per share, aggregating to approximately Rs. 118.68 crore in cash. The IDC reviewed the Public Announcement, Detailed Public Statement, Draft Letter of Offer, and final Letter of Offer dated April 11, 2025, and concluded the offer price is fair and reasonable under SEBI takeover regulations. 3 of 5 IDC members assented, 1 dissented (Marc Irizarry), and 1 abstained (Prem Samtani). Upon completion, Sanlam will be classified as a co-promoter alongside the existing promoter, with intent to support sustained growth of the asset management business.
Public shareholders now have a formal fairness opinion from the IDC backing the Rs. 270 offer price and may consider tendering shares in the open offer. The entry of Sanlam, a major global financial services group, as co-promoter signals potential strategic strengthening, though the stock is noted as infrequently traded on BSE, making price discovery limited.